August 3, 2023/Research & Strategy

Futureview Financial Services

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Equities Market

Today, the Nigerian stock market closed with a bullish trend, with notable gains in the Banking and Insurance sectors. This led to significant increases in prominent stocks, and the benchmark NGX All-Share Index rose by 155 basis points, finishing at 65,263.06 points, surpassing its previous session’s close of 64,267.36 points.

The market’s upturn was significantly influenced by investors’ optimistic view on major stocks, including; DANGSUGAR (+9.95%), NB (+10%), PZ (+10%), FIDELITYBK (+9.46%), MTNN (+6.46%) ACCESSCORP (+5.44%), and 45 others.

As a result, the Year to Date (YTD) return increased to 27.34%, indicating an appreciation in the market’s overall performance. Additionally, the market capitalization witnessed a major increase of 1.55%, closing at N35.52 trillion, which led to a substantial gain as investors’ wealth advanced by N541.84 billion.

Market activity for the day appreciated as volume and value traded rose by 34.61% and 19.14% to 445.28 million units and N5.09 billion. 

MARKET BREADTH: (Gainers/Losers ratio), which measures investor sentiment, increased to 5.10x from 1.19x in the prior session as 51 stocks appreciated, 10 stocks depreciated while 59 stocks closed flat.

We anticipate the week to end on a bullish note as investors regain their confidence in the equity market.

Currency Market

The Nigerian Naira depreciated by 4.70% against the US Dollar in the I&E Window, closing at a rate of N776.50/USD.